Unlimited Wants Research Articles

Price theory, loanable fund theory, and indifference curves: theorizing authority through misuse of mathematics, logic and improbable assumptions

Economist Adam Smith‘s study ( 1776 ) initially was ‘Political Economy ‘, then knowledge used for eradicating poverty, want, and unemployment and then to study inflation, stagnation, recession, etc. Thus it became the science of economics. Economist J.M. Keynes viewed ‘ Political Economy and added three definitions a) Wealth b) Welfare and c) Scarcity in the study. But Richardo shifted from production and distribution of wealth to “ The produce of earth - all that is derived from its surface by the united application of labor, machinery, and capital. Economist T.R. Malthus ( 1820 ) joined to add one more dimension of wealth “ material(productive ) wealth and immaterial ( unproductive ) wealth “. L. Robbins and others criticized the neglect of immaterial wealth and stressed the importance of services. Modern economists are of the view that immaterial wealth - services are essential to increase production, productivity, and good health. Economist Alfred Marshall stated, “ Political Economy or Economics is the study of mankind in the ordinary business of life; it examines that part of individual and social action which is most closely connected with the attainment and the use of the material requisites of well-being “. Robins ( 1931 ), defined economics based on i) Unlimited wants ii) Scarce means, and iii) Alternative uses of means. This is the historical background of definitions in Economics in general. With utopian and illogical assumptions, passing no mathematical rigor, ignoring very vital parameters, and free use of mathematical figures as ornaments the topics of a) price theory b) loanable fund theory, and c) indifference curves have no theories, no precision but are only verbose and literary...The author feels that these topics do not deserve a place in 21st-century Economics.

Menanamkan Jiwa Kewirausahaan Peserta Didik di Sekolah Islam

Economic problems are problems that arise when wants and needs exceed available resources. People who have unlimited wants and needs, while the available resources cannot meet these needs, then economic problems arise from there. The objectives of this research are (1) to find out the objectives of entrepreneurship learning for students (2) to find out the components of entrepreneurship learning for students. This research uses library research methods. The results of this research show: (1) the aim of entrepreneurship learning is to provide provisions for students and instill attitudes, values and a spirit of independence as well as the ability to collaborate and embed the entrepreneurial paradigm or mindset in students. (2) The curriculum components must include education (educational, creativity, multiple intelligence), types of work/occupation (occupation, vocational subject matter) and entrepreneurship/entrepreneurship.

Limited and unlimited wants examined

Limited and unlimited wants examined

Evidence from 33 countries challenges the assumption of unlimited wants

Evidence from 33 countries challenges the assumption of unlimited wants

Editorial Vol.4(2)

Development is essentially an aspiration of people for a better future of community from a social, economic, political, cultural, and environmental perspective. Development is the prosperity of people of the planet with peaceful global partnership in the local context. Development is freedom as Prof. Amartya Sen coins. Now the development is itself a sustainable development. Development is not compromised but enlargement of social choices. Development is a significant positive change in humanity. Development is easy to access to food, shelter, clothes, health, education, job, transportation, communication, entertainment, and social security with democratic freedom. Development is simply the fulfillment of basic needs. Development is a basic or fundamental human right. Every man and woman has the right to live a decent life. The planet or nature has provided natural resources equally. Sunlight, rain, river, forest, oxygen many important natural resources are free but land and drinking water are not free. In urban cities, nothing is free even a human has to buy a job to survive. As Mahatma Gandhi says there is enough in nature for the needs of the people but not for greed. Everything is driven by the unlimited wants of a human being. How many resources a do man need? The richest people on the planet are not happy. 25 % of global resources are in the hand of the 80 richest people. Oxfam International published a shocking report in 2017 that only 8 richest people on the planet own 50% of its wealth. Inequality kills. In a day 21000 people die on the planet due to poverty. In every 4 seconds, one person has to die in 2022. A human soul, child of almighty, has to die with starvation in 2022. It is anti-development. It is against Robert Chamber’s idea of putting the last first. Millions of economists and policy-making leaders are working day and night to balance the inequality but the gap is increasing day by day. The cold war is ended. China and USA are both developing in the capitalistic mode of production. The Marxist philosophy with mixed socialism –communism does not exist except in Cuba and North Korea. The next generation has to follow scientific capitalism with sufficient intervention of government. It will be the middle way path of communism and capitalism. As Francis Fukuyama says at the end of history 30 years back chronic capitalism, identity politics, and communism are ending. The modernization is ending. The history is ending for a new just-full, peaceful, and prosperous planet by the people. The scientific mathematics is ending. Two plus two is not limited to four but being five or six. It is the time of deconstruction of modernization. It is a time of paradigm shift. It is time to back to nature and relax. The economic battle is simply up to the grave. It is an issue of good governance and happy life. Development is of course happiness. Development is freedom from future insecurities. It is possible if we can maintain good governance in our mechanism. The land is the gift of nature as water and air must be returned to nature. Let’s enjoy life. Enjoy every bit of time. It is fine simply to be a man, a human being, not any identity politics. The “Research Nepal Journal of Development Studies” welcomes comments, advice, and suggestions from all sectors from its quality improvement and sustainability. We highly acknowledge Prof. Dr. Chandralal Shrestha, Prof. Dr. Jibraj Pokharel, Prof. Dr. Prem Sharma, and Dr. Bharat Prasad Badal, for their contribution to the peer-review process. Mr. Kiran Shrestha and Designer Mr. Binod Ghimire their effort to manage articles of this journal. Similarly, we acknowledge the entire colleagues of the Central Department of Rural Development, Tribhuvan University, Research Nepal, University Grants Commission, teachers, students, contributors, and others for their support and encouragement for the betterment of the journal in the future. Editor in ChiefDr. BHARAT PRASAD BADALDecember 2021

Philosophy behind Islamic Economics: Limited Desires and Unlimited Resources

The most famous definition of economics among modern academicians and economists is a branch of science which deals with the study of the relationship between limited resources and unlimited wants or desires. Under the shadow of this definition, there are different types of conventional economic systems included relativism, utilitarianism, and universalism, etc. This study has been introduced in the economic world through an evolution process. There is a dominant feeling within the Muslim elites that either Islam is unable to respond to complex contemporary challenges in the fields of trade and economics or its economic concepts are old and outdated. Both of these perceptions are incorrect. The real philosophy, concept, and definition of Islamic economics are based on limiting desires and unlimited resources which are supported by Quran and Hadith. The beauty of Islamic economics is based on limited desires and unlimited resources. This concept of Islamic economics can share the risk of profit and loss in their business. Islamic banks with this revolutionary approach will feel at ease in implementing Shari’ah-based finance and offer risk-sharing products and services.

THE IMPOSSIBILITY OF LIVING AN ISOLATED EXISTENCE: METAPHYSICAL IMPLICATIONS

Man has since his evolution grown one stage of his socio-economic and socio-political existence to another. Through the ages of man’s development, one thing has remained sacrosanct; that is man’s interaction with one another. The existence of man has shown that in the nature of man, man has unlimited wants or insatiable needs, howbeit, his limited resources cannot proffer all that man may want or need at any given time, place and circumstances. The fact that man has limited resources which are unequally distributed by nature, invention and innovation, it follows that what one man has but does not need it, another man lacks, and needs it. This became the inception of trade, exchange and eventual confirmation of the impossibility of living an isolated existence. From the foregoing; it is ideal to assert that ‘no man is an island’, which implies that no man can exist on his own, providing all he may need and want and still survives in the average expectation of survival. The statement that ‘no man can exist on his own’ should rather be read as “it is impossible for a man to exist on his own”. This is to say, although one may live an isolated existence, it is impossible for one to live in an isolated existence and even in situations where it happens, it is accompanied with serious metaphysical implications. Therefore, this paper tends to make a discourse on the impossibility of living an isolated existence, with peculiar attention on the metaphysical implications of such.

Assumption of Unlimited Human Wants in Islamic Economics: An Analysis from Islamic Worldview

Assumption of Unlimited Human Wants in Islamic Economics: An Analysis from Islamic Worldview

Microeconomics - Basics: New Way Learning Microeconomics in the 21st Century Era

The 21st Century witnessed a spectacular change in living standards, especially, in lifestyle of people in most of the countries, particularly developed and developing countries in the world. In this age and day, like many other sectors, service sector is carried out in a multifaceted, competitive and rationality manner that is characterized by evolving many factors, which are very often unpredictable.This is an era of business-mentality-society where people behave rationally without emotion.Thus, effective utilization of Information Technology (IT) can play important roles in today’s market competition to promote service-sector products for sustained revenues. For a fruitful outcome, both branches of economics: microeconomics and macroeconomics are crucial. In practice Microeconomics studies the behaviors of individual households, firms and Govt. It further studies the interactions and the choices they make. On the other hand, Macroeconomics deals with nation’s economic policies that evolve from issues such as employment / unemployment, monetary system, inflation etc. In other words, Macroeconomics is the study of the behavior of the overall economy. With the aforementioned reality of the 21st Century human society, emphasizing innovation in designing economics-course itself and then train students in classroom are becoming crucial in today’s competitive market. This raises questions: a. Why should you study economics? b. How can this book be helpful to you? c. Can it be helpful in classroom and beyond? d. Can it facilitate good grades for the course? e. Can it help future professionals to compete in market place? Answering the first question posed, this book lays out four reasons that support study of economics. The reasons are: Firstly, studying economics can be helpful in understanding the world we live in. History suggests that economics has made many advances in understanding the role of innovation. For example suppose the innovation or ideas does not have application; it is worthless to you or to anyone else, do you still continue your efforts? Here comes economics. Economics is used to justify decision(s) about putting efforts for a proposed research or innovation. It can help to examine the worthiness continuing such efforts so that cost-effective decisions can be taken. Microeconomics deals with household behaviors, individual’s choice etc. It is the study of choice under conditions of scarcity where individual faces limitation of time and spending power. On the contrary, they have virtually unlimited wants. Therefore, scarcity of resources and efficiency issues dominate human choices or decisions. Economists study the choices we make and also the consequences of these choices and then prescribe the best choices among all possible options. Readers should recognize: economics is the father of all sciences. This is because any decisions faced by humankind are influenced by the theme of economics. For example humankind’s innovation cannot be survived in market competition unless it has economic values in usages. Secondly, it will make you a smarter participant in the economy no matter where you live. Take an example: going to school is a time consuming. Do you still prefer to go to school? If answer is yes, then before you get into any program in school, you decide which one is worthy of your time. All these decisions or choices can be evaluated based on little skills in economics. Thirdly, studying economics can give readers a better understanding of both the potential and limits of economic policy. Finally, it can make you a better equipped higher skilled individual who can be instrumental in completing assigned tasks and can serve as policy advisor to both private and government entities. My answer to the rest of the questions (other three questions) can be summarized as follows I assure you that reading this book can facilitate you better understanding of microeconomics theories and to think critically wearing an eyeglass of economics in the area of social and behavioral sciences. Reading this book ahead of class can facilitate your better understanding in classroom. Having this book can make it easier than “not having” it in a case of following class lectures regularly. It can facilitate you to participate in discussions on economic issues in classroom. It can secure an effective outcome in classroom and then for securing better grade point for the course.

Scarcity in the age of abundance: paradox and remedies

Purpose This paper aims to examine the concepts of scarcity and abundance from an interdisciplinary perspective. It argues that the idea of economics, as the study of human behavior with regard to scarce resources and unlimited wants, leads to competition, confrontation and conflict, whereas the nature of humans is that of kindness, cooperation and sharing. Design/methodology/approach The paper uses content analysis of texts from multiple disciplines, using both deductive and inductive logic, to study the situation of scarcity and abundance, explore reasons and offer remedies. The paper consists of seven sections, five of which are the main discussion. Section 2 looks at the concepts of scarcity and abundance. Section 3 presents reasons for scarcity: economic and behavioral. Section 4 discusses the civilization perspective of poverty and wealth. Section 5 briefly looks at sustainable development and good governance. Section 6 argues in favor of simplicity and spirituality as remedies for the problem of scarcity, and Section 7 concludes the paper. Findings The paper demonstrates the relativity of the concepts of scarcity and abundance, points out the paradox of the modern consumer economies and argues that simplicity, spirituality and universal values are necessary to remedy the ills of overconsumption/overproduction, waste and inequality. Originality/value This paper offers spirituality and ethics-based remedies for the negative consequences of neo-classical economics and social Darwinism.

The Scarcity of Resources and Unlimited Wants: How We Fulfill Unlimited Wants by Limited Resources

Lack of human life is infinite. But our resources are limited to meet this shortfall. People feel lacking in their lives after lacking. If he meets a need to give up hope of another one. Only resources can be used properly to combine between infinite deficiencies and limited resources. If we cannot use resources properly then our deficiency or needs cannot be met. Due to lack of resources, due to lack of proper resources or lack of resources, selection is the most important. The problem of infinite loss and lack of resources is possible only when people can choose from the most essential shortcomings from their limitless lack. And in the shortage of resources, it will be able to create consistency in meeting the needs. According to R.G Lipsey, “One of the basic problems encountered in most aspects of economics is the problem of scarcity”. Therefore, the lack of economics and selection of the products and production of essential commodities are a major problem. Thus, production possibility curve rises.

Re-Evaluation on Assumptions in Islamic Economics: A Preliminary Study

This paper is intended for a preliminary study in re-evaluating Islamic economics assumptions. The assumptions were based on the two common assumptions in economic system which includes scarcity of resources and humans unlimited wants. This paper analyses how far these assumptions in Islamic economics placed tawheed as their axis and aligned with tasawwur Islam. The analysis was done by studying opinions and views of several Islamic economists. Content analysis and literature review were utilized to reach this objective. From this preliminary study, it was found that the current assumptions in Islamic economics were not favouring towards the true concept of tawheed and tasawwur Islam. It implies the needs for a more comprehensive study to be done in order to come up with a new resolution on the real assumptions of Islamic economics.

Economic Growth, Happiness and Socialism: Durkheim’s Critique of Economic Reason and Beyond

ABSTRACTThe paper argues that Durkheim’s positions on happiness and socialism are relevant in today’s neoliberal and post-affluent societies. Durkheim dissociates happiness from economic progress and makes it contingent upon the relationships between the individual and society. An important component of Durkheimian happiness is the dynamic equilibrium between desires and means. Therefore, his friendly criticism of the socialist project is that it promises to fulfil the desires that were released by a disembedded market economy. Durkheim’s point helps us to understand why the social democratic promise was broken and how the neoliberal imperatives of competition and unlimited wants sow unhappiness.

Relevance of Ancient Indian Methods of Environmental Protection in the Present Day Scenario

“The greatest shortcoming of human race is our inability to understand the exponential function” -Albert A. Bartlett. In a bid to achieve the twin goals of boosting economic growth and ending extreme poverty, nations have exploited the existing resources without understanding the true cost of its depletion. They are confronted with a resource scarcity crisis as they are unable to satisfy the unlimited wants of human beings with the limited resources. Resources have been used, abused and misused over and above their rate of replenishment. At this juncture, it becomes imperative for nations to understand the concept of “Sustainable Development”. Sustainable development refers to development that meets the needs of the present generation without compromising the ability of future generations to meet their own needs. The questions for nations is not “whether” to embrace sustainable development but “how” to embrace it. The answer lies in an older school of thought. In ancient India, the inhabitants of the river Indus(Hindus)followed certain practices that were environment friendly with or without their knowledge. They embraced nature as an integral part of their life. Hindus have long had a palpable and organic connection with nature. In this paper, “Hinduism” is considered as “a way of life” that was practiced by our forefathers and not merely as a religion. Ancient Indian texts like Vedas, Puranas and Upanishads clearly describe the eco-friendly attitude of Hindus. Plants and trees are valued so highly in Hindu sacred texts that their destruction is connected with doomsday scenario. For the same reason, almost every temple in South India dedicated to Lord Shiva or Vishnu, or to a manifestation of the goddess, has a “sthalavriksha”, a special tree regarded as sacred to that area. The sthalavriksha symbolizes all trees and reminds pilgrims that all trees are worthy of respect. Similarly, in older days, people revered rivers, mountains, forests and animals. For example, many villages had a sacred lake, and around it a grove of trees to catch rainfall and protect the banks from erosion. The lake and its grove would store rainfall to irrigate surrounding fields and also to provide drinking water to the local community. In recent times, the neglect of these simple techniques for gathering and protecting clean water has led to serious water shortage crisis. These are just few among many traditions followed by our forefathers. The objective of this paper is to study the traditional techniques of environmental protection that were followed in ancient India and to provide suggestions to government entities, NGO’s and International organizations for embracing those techniques for a sustainable future. It is high time to seek lessons from the spiritual heritage of our country as they offer a unique set of moral values and customs that serves as a guide in nurturing the relationship between man and nature, thereby, leading to a sustainable future.

The view of European experts regarding health economics for medical nutrition in disease-related malnutrition.

Health-care systems are currently facing tremendous budget constraints resulting in growing pressure on decision makers and health-care providers to obtain the maximum possible health benefits of the resources available. Choices have to be made, and health economics can help in allocating limited health-care resources among unlimited wants and needs. Attempts to achieve cost reductions often focus on severe pathologies and chronic diseases as they commonly represent high health-care expenditures. In this context, awareness of the considerable financial burden caused by disease-related malnutrition (DRM) is lacking. Possibilities of reducing costs by optimising the management of DRM through medical nutrition will mostly not even be taken into account. During a European expert meeting, the total evaluation of medical nutrition was viewed and discussed. The aim of this meeting was to gain an experts' outline of the key issues relating to the health economic assessment of the use of medical nutrition. This article provides a summary of the observations per discussed item and describes the next steps suggested.

Introduction to an Alternative History of Money

This paper integrates the various strands of an alternative, heterodox view on the origins of money and the development of the modern financial system in a manner that is consistent with the findings of historians and anthropologists. As is well known, the orthodox story of money’s origins and evolution begins with the creation of a medium of exchange to reduce the costs of barter. To be sure, the history of money is “lost in the mists of time,” as money’s invention probably predates writing. Further, the history of money is contentious. And, finally, even orthodox economists would reject the Robinson Crusoe story and the evolution from a commodity money through to modern fiat money as historically accurate. Rather, the story told about the origins and evolution of money is designed to shed light on the “nature” of money. The orthodox story draws attention to money as a transactions-cost-minimizing medium of exchange.Heterodox economists reject the formalist methodology adopted by orthodox economists in favor of a substantivist methodology. In the formalist methodology, the economist begins with the “rational” economic agent facing scarce resources and unlimited wants. Since the formalist methodology abstracts from historical and institutional detail, it must be applicable to all human societies. Heterodoxy argues that economics has to do with a study of the institutionalized interactions among humans and between humans and nature. The economy is a component of culture; or, more specifically, of the material life process of society. As such, substantivist economics cannot abstract from the institutions that help to shape economic processes; and the substantivist problem is not the formal one of choice, but a problem concerning production and distribution.A powerful critique of the orthodox story regarding money can be developed using the findings of comparative anthropology, comparative history, and comparative economics. Given the embedded nature of economic phenomenon in prior societies, an understanding of what money is and what it does in capitalist societies is essential to this approach. This can then be contrasted with the functioning of precapitalist societies in order to allow identification of which types of precapitalist societies would use money and what money would be used for in these societies. This understanding is essential for informed speculation on the origins of money. The comparative approach used by heterodox economists begins with an understanding of the role money plays in capitalist economies, which shares essential features with analyses developed by a wide range of Institutionalist, Keynesian, Post Keynesian, and Marxist macroeconomists. This paper uses the understanding developed by comparative anthropology and comparative history of precapitalist societies in order to logically reconstruct the origins of money.

Green Marketing Some Myths and Realties

Environmental issues have become inescapable matter for all the governments in today’s world. The object of clean environment cannot be met without bestowing proper concern to green marketing activities. Most people believe that green marketing mainly refers to the promotion or advertising of products with environmental characteristics. Generally the terminologies like, phosphate free, recyclable, refillable, ozone friendly and environmental friendly are some of the traits that people associate with green marketing. But it is clearly understood that green marketing envelopes the products not only produced by the agriculture but also the products produced by industries as well. The concern has also been shown towards the consumer goods and the services. Around the world, there are resorts that are beginning to promote themselves as “Ecotourism” facilities that specialize inexperiencing nature or operating in a fashion that minimizes their environmental impact. Economics, the mother of allcommerce related subjects, highlights the issue of limited resources and unlimited wants, creates the problem of choice anddevelopment of alternative ways of satisfying these unlimited wants.

The dismal science: how thinking like an economist undermines community

See Marglin on the Future of Capitalism at FORA.tv. Economists celebrate the market as a device for regulating human interaction without acknowledging that their enthusiasm depends on a set of half-truths: that individuals are autonomous, self-interested, and rational calculators with unlimited wants and that the only community that matters is the nation-state. However, as Stephen Marglin argues, market relationships erode community. In the past, for example, when a farm family experienced a setback - say the barn burned down - neighbors pitched in. Now a farmer whose barn burns down turns, not to his neighbors, but to his insurance company. Insurance may be a more efficient way to organize resources than a community barn raising, but the deep social and human ties that are constitutive of community are weakened by the shift from reciprocity to market relations. Marglin dissects the ways in which the foundational assumptions of economics justify a world in which individuals are isolated from one another and social connections are impoverished as people define themselves in terms of how much they can afford to consume. Over the last four centuries, this economic ideology has become the dominant ideology in much of the world. Marglin presents an account of how this happened and an argument for righting the imbalance in our lives that this ideology has fostered.

The Methodological Approaches of Economists Ignoring History “Is this a Deterioration of Economics?”

The general laws of mainstream economics, with the presumptions of scarce resources and unlimited wants, are being questioned. Handling all human activities, especially economic activities that are the core of the all social activities are investigated with a positivist science approach is an important problem. Many methodological developments experienced in economic analysis like instrumentalism caused ignorance of the questioning of the presumptions of mainstream economics. It is well known that the success of theories is evaluated by means of their predictions in the instrumentalism. However, there is no doubt that economic concepts fall into analytical and tautological propositions whose are based on a priori imagination or convention. Therefore, the assumptions of theories are ignored and not tested, and this approach serves the hardening of mainstream hard core.

Corporate responsibility and economic theory: an anthropological perspective

A basic worldview of economic theory is the notion that humans have unlimited material wants and limited means to satisfy these wants. In this framework the task of economists is to design policy instruments to meet human preferences for material commodities as efficiently as possible, that is, with the minimum amount of society's scarce resources. An interesting perspective on this aspect of contemporary economics is offered by anthropologists who trace the origins of economic man back hundreds if not thousands of years. Such a long-term perspective is all the more important since the standard economic preference satisfaction model of consumer and firm behaviour is being replaced by models consistent with current research findings in the fields of psychology, anthropology and other behavioural sciences about human decision-making. Much of traditional management theory and the theory of the firm are based on the preference satisfaction model, so the demise of that conceptual base has far-reaching implications for the analysis of sustainable corporate behaviour.